[Mike's money pit]

Update:
I took my time and did very light coats of the primer after sanding everything back off. The primer laid down nice and smooth. I have wet sanded it with 600 grit and have let it dry. My plan is to wipe it down with wax and grease remover and then start spraying light coats of red. I am figuring on quite a few coats and letting it flash off about five minutes between each one. Then I figure I will clearcoat it five minutes after the last coat of red. I am planning to do light coats of clear also. Does this all sound correct?
Thanks for all the help,
Mike